Deal reached on unemployment, payroll tax cut

cbs ^ | 2/16/2012 | ap

[tobyhill]

Relieved congressional bargainers say they've reached agreement on compromise legislation extending payroll tax cuts and benefits for the long-term unemployed through 2012, edging a white-hot political battle a major step closer to finally being resolved.

Rep. David Camp, R-Mich., and Sen. Max Baucus, D-Mont., the two top negotiators, strode from a conference room minutes after midnight Thursday to say that only technical issues and the drafting of legislative language remained. The bill would assure a continued tax cut for 160 million workers and jobless benefits for several million others, delivering top election-year priorities for President Barack Obama.

"It's a very good deal for the country," said Baucus, who chairs the Senate Finance Committee.

[windcliff]

Happy days are here again.

[Gideon7]

Unemployment is paid by the employer not the employee. After I was forced to make layoffs last year my SUI premiums exploded for 2012.

That and the looming ObamaCare tax is why I’m reluctant to re-hire anybody right now.

[tobyhill]

It should but the administration will probably just increase the rate of participation from its current record low and make the numbers look better.

[khelus]

Then why is it costing taxpayer's $100 billion?

Here's a better question, why, when tax payers on the hook for $1/4 - 1/3 trillion per year for illegal aliens, and $~20,000 per year per low wage immigrant household, is the first thing up for cuts unemployment [into which you paid as a condition of employment], social security [ditto], and military pensions [ditto]?

[Baseballguy]

Nothing is free. Everything will be put on the backs of average people. When SUI gets higher prices are increased to cover.

Also the FCC auctions is about to make communications more expensive. When the FCC auctions of sub-700mhz the carriers will charge higher premiums to pay for the cost.

[rarestia]

Yeah... I got that. I admit, I didn’t read the article thoroughly. My sincerest apologies for being misinformed.

Still... a year and a quarter (~5 quarters or ~15 months) is disgusting.

[Brown Deer]

Yashcheritsiy: "Because of the way they calculate U3, this (should) ironically make the U3 start shooting back up as tons of people reapply for benefits."

1rudeboy: "The above is incorrect. Completely. Where does this misconception come from?"

It comes from the United States Department of Labor, Bureau of Labor Statistics:

U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)

1rudeboy: "Most annoying is to correct someone only to see them repeat the same falsehood later."

You shouldn't post falsehoods then!

Employed persons consist of:

• All persons who did any work for pay or profit during the survey reference week.
• All persons who did at least 15 hours of unpaid work in a family-owned enterprise operated by someone in their household.
• All persons who were temporarily absent from their regular jobs, whether they were paid or not.

Persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work.

Persons not in the labor force are those who are not classified as employed or unemployed during the survey reference week.

Millions of unemployed people have dropped dropped out of the workforce because they are no longer actively looking for work. With this extension of benefits millions of "unemployed, but not counted as unemployed" people will now begin to look for work. This will in fact, increase the total number of unemployed, which in turn will cause the U-3 number to rise!

[oh8eleven]

Again, I’ve been unemployed for 15 weeks, and I’m miserable.
Have been laid off three times in life:
1970 ... took UI for 12 weeks, ended with me going to college.
1993 ... had a mortgage, kids in college, etc. Took UI for 26 weeks, plus two under the table jobs - made more than my ex-job. Paid off all bills.
2007 ... ready to retire and didn't give a hoot. Took 99 weeks of UI gladly.
All things happen for a reason.

[LibLieSlayer]

fox news radio is reporting unemployment dropping fast and Housing is improving and HAPPY DAYS ARE HERE AGAIN... and I just do not understand how anyone can defend fox news any longer.

LLS

[onedoug]

Thank ya’ massa. Bless ya’ massa....

[oust the louse]

Anyone who stays on unemployment for 3 years and say they couldn’t find a job in that time frame while in a job interview would be shown the door in my business. Period.

[rarestia]

I’m 32, have a post-graduate certificate in professional writing, and I’m working on a wedding. I didn’t take UI, because I couldn’t (forced to resign); however, I wouldn’t have taken it either way. I’m debt free and had a nice pad of savings to pay my bills. I’m just bored and tired. Don’t know how folks at retirement age could go about their lives without work. I love what I do.

[oh8eleven]

Don’t know how folks at retirement age could go about their lives without work.
LOL ... there's a good reason Dilbert is so popular.

[Brown Deer]

Don’t know how folks at retirement age could go about their lives without work.

Most of them have less free time, than when they were working.

[GeronL]

The GOP capitulated and declared victory

[sickoflibs]

Wow, check out this HUGE concession Republicans got out of Obama:

“ Republicans won a provision barring welfare recipients from using their electronic cards to withdraw cash from teller machines in liquor stores, strip clubs and casinos”

That alone should save our national credit rating. Republicans strike one hard deal

[tobyhill]

I stand partially corrected. After a conversation with Boehner’s office here's how it will go on unemployment. The 73 weeks will replace the 99 weeks for all those that get unemployed after March 1 but that is after the initial 26 weeks of state unemployment making it still 99 weeks. There will be an additional 32 weeks that can (will) kick in for states that still have an unemployment above a certain amount. The total amount is 131 weeks or 2 1/2 years, not the 3 years I previously reported.

[Prince of Space]

But add this federal unemployment compensation of 73 weeks to the 26 weeks of state UI that is used initially, which adds up to 99 weeks.

Mrs. Prince of Space

[newzjunkey]

1993 ... had a mortgage, kids in college, etc. Took UI for 26 weeks, plus two under the table jobs - made more than my ex-job. Paid off all bills.

2007 ... ready to retire and didn't give a hoot. Took 99 weeks of UI gladly.

In my view you committed fraud. You gamed the system TWICE for a total of 2 years and (nearly) 5 months during periods of national unemployment misery. You should be publicly flogged.

I hope you get just what you deserve in retirement.

[oh8eleven]

In my view ...
WTF asked you? Oh, I forgot to mention - I'm also former USMC, survived 13 months combat in VN up on the DMZ.
Hurray for me and fluck you, your view and the horse you rode in on.